Social Mining Update: Eliminating Passive Income and Encouraging Value Creation

Hello Community,

As many know, Social Mining is a community driven marketing platform that rewards participants for their value-added contributions to our ecosystem.

Since the launch last August, we have had tremendous success with the platform, as it has been a critical component of fostering our strong community, and providing early utility for the FRM token.

However, like everything we do, we are always looking for ways to improve. Today, we are proud to announce some important updates to the Social Mining Platform that will maximize engagement and value.

Overall, the new released changes will improve platform output and reward those that are actually active and bring value to the entire ecosystem.

First Update: Encouraging Engagement, Discouraging Passivity

One problem we identified is that it was possible to earn (smaller) passive rewards based on work performed in the past. Social Mining is about encouraging valuable content creation on a regular basis, not coasting on earlier work.

Therefore, we have introduced a major change in the way tokens are distributed: instead of considering total reputation and points owned by users, the algorithm considers points and reputation earned from the last distribution. Therefore, participants are incentivized to work during the two week period and will reduce passive incomes.

Second Update: Eliminated Ranking to Reduce Pointless Competition

Another problem we identified is that people sometimes focus on the “competitive” aspect of the platform but ignore its ultimate goal: creating value for FRM and the FRM stakeholders.

As a community, we do not believe that there are winners and losers. Everyone in the Ferrum Network community has something valuable to bring to the table.

Therefore, we have eliminated the ranking system. This will reduce competition simply for the sake of moving up in the ranking, and will rather push participants toward producing valuable content.

Third Update: More Team Tasks

While not technically an update, we have learned that it is more effective to focus the participants on particular tasks that align with our overall marketing strategy. For instance, with FRM Stake and Earn coming, we have created many Team Tasks around this product release.

Please check out the Team Tasks section of the platform to see these requests. Priority and additional rewards will be given to such Team Tasks.

What’s Next

We will continuously monitor the effectiveness of all changes and will always strive to improve going forward. We are looking forward to your feedback on these changes and welcome any suggestions for further improvements.

Very truly yours,

The Ferrum Network Team

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